The bear market in crypto has taken a toll on the mining business, significantly on leveraged companies, as excessive power costs coupled with a low bitcoin value have led to consolidation and capitulation. Core borrowed about $77.5 million from NYDIG to purchase mining tools beginning October 2020, however has basically stopped paying off the loans because the finish of the third quarter.
Core Scientific to Hand Crypto Mining Rigs to NYDIG to Extinguish $38.6M in Debt
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